Cost of Living in Odessa, TX

With a cost of living index of 90, Odessa, TX is a very affordable place to live. Living here is 10% cheaper than the national average and in line with the Texas state average. As a major city with a population of 114,080, Odessa offers a wide range of housing options, employment opportunities, and urban amenities.

Housing costs are the biggest factor in Odessa's cost of living. The median monthly rent is $1,322 (0% below the US median of $1,319), and the median home value sits at $208,000 (32% below the national median of $304,900). At current prices, the median home costs roughly 2.8x the median household income — well within traditional affordability guidelines.

The median household income in Odessa is $73,030, which is 3% lower than the national median of $75,149. Residents spend roughly 22% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Odessa. The area sees an average annual temperature of 64.8°F, with summers averaging 83°F and winters around 47°F. Annual rainfall totals 12.9 inches spread over roughly 46 days. The mild climate is a draw for many residents and keeps utility costs moderate year-round.

Everyday prices in the Odessa, TX (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.